DIMAPUR, OCT 23 (NPN) : State-owned oil marketing companies (OMCs) increased the prices of petrol and diesel for the third straight day on Friday offering no respite to consumers.
According to a price notification of state-owned OMCs, the prices of petrol and diesel were hiked by 35 paise per litre each pushing the rates to all-time high across the country.
After the latest rate revision, diesel price has breached the Rs.100-a-litre mark in seven districts of Nagaland—Tuensang, Kiphire, Noklak, Mon, Phek, Zunheboto and Longleng. (See table)
While petrol has already hit the Rs 100-mark or more in all major cities of the country, diesel has touched that level in over a dozen states. Prices differ from state to state, depending on the incidence of local taxes.
According to the ET report, the recent fuel price spiral has been led by a jump in the global crude oil rates. Oil prices have risen by $8 in a month to $84 per barrel. Oil has doubled in a year and is up 40% from the same time two years ago.
Domestic petrol prices are up 32% in a year and 46% in two years while diesel prices are up 35% in a year, and 45% in two years.
Fuel consumers’ problems have been compounded by the government’s refusal to roll back additional taxes it imposed after the oil prices collapsed at the beginning of the pandemic last year.
Incremental taxes denied consumers the benefit of low oil prices then but kept domestic fuel prices stable. But as international oil prices started recovering with the reopening of the economies, domestic fuel consumers started feeling the pinch, the report stated.
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